On Wednesday’s Backchat we’re talking about the latest cryptocurrency scandal.

Virtual asset exchange platform, Hounax, has been accused of defrauding more than 140 people out of around HK$150million. 

According to the police, the scammers had lured victims in with promises of high returns on investments on its cryptocurrency exchange, but investors were unable to recoup their capital.

Earlier this month, the Securities and Futures Commission flagged Hounax as a suspicious virtual asset trading platform, and included it in an alert list.  But some victims say the warning didn’t come soon enough.

The latest case comes just two months after alleged scams involving unlicensed crypto platform, JPEX were uncovered.

After 9:45am, we get reaction to New Zealand’s decision to scrap its planned smoking ban to fund tax cuts.

9:05-9:45am Joshua Chu  Risk Advisor at CITD

9:05am-9:30am Doreen Kong, lawmaker, also a solicitor

9:30am-9:45am Evan Auyang, Group President of Animoca Brands

9:45am-10:00am Professor Boyd Swinburn, Co-Chair of Health Coalition Aotearoa. He is also Professor of Population Nutrition and Global Health at the University of Auckland